TEXAS PASSES BILL FOR FIDUCIARY ACCESS TO DIGITAL ASSETS

TEXAS PASSES BILL FOR FIDUCIARY ACCESS TO DIGITAL ASSETS

access to electronic digital assetsDid you ever hear of a story where there was no access to electronic pictures or Facebook or have access to an online bank account of a loved one who has died or become mentally disabled? On June 1, 2017, Governor Abbott signed into law that makes it easier for fiduciaries (i.e., the executor of a will, the guardian of the estate of one who is disabled, the agent under a power of attorney, a trustee of a trust, etc.) to have access to such digital assets. The bill even has a provision to revise Statutory Powers of Attorney to include digital assets and the content of an electronic communication. Thus, if you merely have a standard Statutory Power of Attorney (without provisions including access to digital assets) and you have any digital assets, you might consider doing a new power of attorney. Furthermore, if you have digital assets and a will, you might consider giving authority to your Executor to have access to your digital assets. Other states also have passed a Uniform Fiduciary Access to Digital Assets Act as the bill was passed to promote uniformity among the states that have passed this law.